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Mandatory Comprehensive Credit Reporting and Hardship Arrangements

The Treasury of the Commonwealth has released the following statement:

In November 2017, the then Treasurer, the Hon Scott Morrison MP, announced that the Government would introduce a mandatory comprehensive credit reporting regime, requiring the big four banks to participate fully in the credit reporting system.

On 25 June 2018, legislation to implement the regime (National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018) passed the House of Representatives. However, the Bill did not pass prior to the dissolution of Parliament due to the election.

The previous Bill, intended to mandate comprehensive credit reporting, has been updated to include the Attorney-General’s recently announced changes to the reporting of hardship arrangements.

Specifically, the revised Bill introduces a new category of information within credit reporting, enabling hardship information to be reported alongside repayment history information.

The Government is seeking views on the exposure draft legislation and accompanying explanatory materials, which implements this measure.

You can submit responses to this consultation up until 05 September 2019. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.